Shares of Global Self Storage, Inc. (SELF) have gained 1.2% since the company reported its earnings for the quarter ended Sept. 30, 2025, lagging the S&P 500 Index’s 1.9% advance over the same period. Over the past month, the stock has been up 2.1% compared with the broader market’s 3.5% growth.SELF’s Earnings SnapshotIn the third quarter of 2025, Global Self Storage posted modest top-line growth but materially lower earnings versus a year earlier. Total revenues edged up 0.8% to $3.23 million from $3.20 mi ...

Core Insights - Global Self Storage reported record-high revenues and sector-leading occupancy growth for Q3 2025, driven by operational excellence and strategic marketing efforts [1][8][14]. Q3 2025 Highlights - Total revenues increased by 0.8% to a record $3.2 million, with same-store revenues also rising by 0.8% to the same amount [4][18]. - Net income decreased to $496,000 or $0.04 per diluted share, down from $1.2 million or $0.10 per diluted share in the same period last year [4][21]. - Same-store occupancy increased by 170 basis points to 93.2% from 91.5% year-over-year [4][20]. - Same-store average tenant duration reached a record-high of approximately 3.5 years, compared to 3.4 years in the previous year [4][20]. - Funds from operations (FFO) decreased by 8.0% to $1.0 million or $0.09 per diluted share [4][22]. - Adjusted FFO (AFFO) decreased by 6.0% to $1.1 million or $0.10 per diluted share [4][22]. First Nine Months 2025 Highlights - Total revenues for the first nine months increased by 2.2% to $9.5 million, compared to $9.3 million in the same period last year [23][26]. - Net income for the first nine months was $1.7 million or $0.15 per diluted share, down from $2.0 million or $0.18 per diluted share [25][29]. - Same-store revenues increased by 2.1% to $9.5 million [26]. - Same-store net operating income (NOI) increased by 2.2% to $5.9 million [27]. Dividend Information - The company declared a quarterly dividend of $0.0725 per share, consistent with the previous quarter and the same period last year, representing an annualized rate of $0.29 per share [5]. Company Strategy and Outlook - The objective of Global Self Storage is to enhance shareholder value through strategic acquisitions and expansion projects [6][12]. - Management expressed confidence in the company's operational performance and capital resources, which are expected to support the execution of its strategic business plan [7][12]. - The company is focusing on high-quality tenants and disciplined acquisition strategies to drive future growth [13].

Financial Performance - Total revenues for Q3 2025 increased 0.8% to a record $3.2 million, driven by higher occupancy and effective revenue management [4] - Net income decreased to $496,000 or $0.04 per diluted share, down from $1.2 million or $0.10 per diluted share in the same period last year [17] - Funds from operations (FFO) decreased 8.0% to $1.0 million or $0.09 per diluted share, compared to $1.1 million or $0.10 per diluted share in Q3 2024 [22] - Adjusted FFO (AFFO) decreased 6.0% to $1.1 million or $0.10 per diluted share, down from $1.2 million or $0.10 per diluted share in the same period last year [22] - Same-store net operating income (NOI) decreased 3.0% to $1.97 million, primarily due to increased operating expenses [19] - Total revenues for Q3 2025 were $3,225,671, a slight increase from $3,200,276 in Q3 2024, representing a growth of approximately 0.8% [48] - Rental income for Q3 2025 was $3,099,499, compared to $3,070,871 in Q3 2024, indicating an increase of about 0.9% [48] - Same-store net operating income for Q3 2025 was $1,967,978, down from $2,028,542 in Q3 2024, reflecting a decrease of approximately 3% [49] - Net income for Q3 2025 was $496,259, significantly lower than $1,181,657 in Q3 2024, a decline of about 58% [48] Capital and Resources - Capital resources as of September 30, 2025, totaled approximately $24.8 million, including $7.5 million in cash and $14.8 million available under the revolving credit facility [17] - The company reported total assets of $64,836,337 as of September 30, 2025, a decrease from $65,515,024 at the end of 2024 [47] - Total liabilities decreased to $17,901,851 as of September 30, 2025, down from $18,077,347 at the end of 2024 [47] - The company’s accumulated deficit increased to $(2,982,329) as of September 30, 2025, compared to $(2,235,236) at the end of 2024 [47] Operational Strategy - The company maintained a quarterly dividend of $0.0725 per common share, consistent with the previous quarter and the same period last year [5] - Management remains focused on executing its strategic business plan, which includes growth through acquisitions and expansion in select markets [13] - The company operates 12 same-store properties as of September 30, 2025, with no non-same-store properties [42] Forward-Looking Statements - Adjusted funds from operations (AFFO) are not explicitly stated but are considered alongside net income and cash flows for a better understanding of operational results [39] - The company emphasizes that forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially [44] Occupancy and Market Performance - Same-store occupancy rose 170 basis points to 93.2% from 91.5% year-over-year, marking a sector-leading growth [20] - For the first nine months of 2025, total revenues increased 2.2% to $9.5 million, compared to $9.3 million in the same period last year [23]

Company Operations - As of September 30, 2025, the company owned and operated thirteen self-storage properties across multiple states, including Connecticut, Illinois, and New York[105]. - The company managed one third-party owned property with 137,318 leasable square feet as of September 30, 2025[120]. - The company operates a total of 7,042 owned and managed stores with an average occupancy of 93.6%[154]. - Same-store occupancy increased by 1.7% to 93.2% as of September 30, 2025, compared to 91.5% in 2024[160]. - The overall square foot occupancy at period end was 93.2%, reflecting a 1.9% increase from the previous year[165]. - The net leased square footage at period end increased by 1.6% to 772,660 square feet compared to the previous year[165]. - As of September 30, 2025, the average tenant duration of stay was approximately 3.5 years, an increase from 3.4 years as of September 30, 2024[173]. Financial Performance - Total revenues increased by 0.8% from $3,200,276 in Q3 2024 to $3,225,671 in Q3 2025, with rental income rising by 0.9% from $3,070,871 to $3,099,499[124]. - Operating income decreased by 16.6% from $873,090 in Q3 2024 to $728,430 in Q3 2025[130]. - Net income for Q3 2025 was $496,259, or $0.04 per fully diluted share, down from $1,181,657, or $0.10 per fully diluted share in Q3 2024[133]. - Total revenues for the nine months ended September 30, 2025 increased by 2.2% to $9,546,353 from $9,343,354 in the same period of 2024[135]. - Operating income for the nine months ended September 30, 2025 increased by 8.6% to $2,281,023 from $2,099,994 in the same period of 2024[142]. Expenses and Costs - Operating expenses rose by 7.3% from $2,327,186 in Q3 2024 to $2,497,241 in Q3 2025, primarily due to increased store operating expenses and one-time general and administrative expenses[127]. - Business development costs surged from $2,012 in Q3 2024 to $22,286 in Q3 2025, reflecting increased activity in capital raising and potential acquisitions[129]. - Employment costs increased by 9.5%, or $32,831, for the three months ended September 30, 2025, primarily due to timing in routine employee hiring and departures[175]. - Administrative expenses rose by 25.5%, or $53,293, for the three months ended September 30, 2025, driven by increased utility and repair costs[177]. - Utilities expenses increased by 55.8%, or $34,631, for the three months ended September 30, 2025, influenced by energy prices and usage levels[179]. Financing and Capital Resources - The company raised approximately $6.7 million through a rights offering by selling 1,601,291 shares at a subscription price of $4.18 per share on December 18, 2019[111]. - On June 25, 2021, the company completed a public offering, raising approximately $6.9 million by selling 1,289,720 shares at a price of $5.35 per share[113]. - The company entered into a second amendment to its credit facility on July 6, 2024, allowing borrowing of up to $15 million, with an effective interest rate of approximately 7.3% as of September 30, 2025[117]. - The company has capital resources totaling approximately $24.8 million, including $7.5 million in cash and $14.8 million available for withdrawal under the credit facility[122]. - The company has a financing strategy focused on minimizing capital costs to maximize returns for stockholders[108]. Market and Securities - The closing market price as of September 30, 2025 was $5.03, down from $5.21 on September 30, 2024[134]. - As of September 30, 2025, the cumulative unrealized gain on marketable equity securities was $1,718,003, with unrealized losses of $98,704 and $135,497 for the three and nine months ended September 30, 2025, respectively[195]. - There were no realized gains or losses for the nine months ended September 30, 2025[195]. - The One Big Beautiful Bill Act (OBBB) enacted on July 4, 2025, relaxed the REIT asset test requirement, allowing up to 25% of a REIT's assets to be represented by securities of taxable REIT subsidiaries, increased from 20%[197]. Strategic Initiatives - The company plans to strategically withdraw proceeds from the second amended credit facility to fund acquisitions and expansions of self-storage properties[117]. - The company is actively reviewing store and portfolio acquisition candidates while also working on redeveloping and expanding current stores[189]. - The Millbrook, NY expansion added approximately 11,800 leasable square feet, with total area occupancy increasing from approximately 88.6% to 95.4% by June 30, 2021[190]. - The McCordsville, IN property conversion resulted in a new total of 535 units and 76,360 leasable square feet, with occupancy increasing from approximately 79.1% to 94.7% by June 30, 2021[191]. - In 2021, the Lima, OH property converted approximately 3,000 leasable square feet, resulting in a total of 756 units and 96,883 leasable square feet with an occupancy rate of approximately 94.8%[193]. - In January 2023, the Lima, OH property completed a conversion of approximately 2,500 leasable square feet, leading to a total of 767 units and 94,928 leasable square feet, with an occupancy rate of approximately 91.1%[194]. Performance Metrics - Same-store revenues rose by 0.8% ($24,921) for the three months and by 2.1% ($199,600) for the nine months ended September 30, 2025, versus the same periods in 2024[167]. - Same-store cost of operations increased by 7.4% for the three months and by 2.0% for the nine months ended September 30, 2025, compared to the same periods in 2024[160]. - Same-store net operating income (NOI) decreased by 3.0% for the three months but increased by 2.2% for the nine months ended September 30, 2025[160]. - The total annualized revenue per leased square foot was $16.60 for the three months ended September 30, 2025, a decrease of 0.8% from the previous year[163]. - The company attributes performance improvements to digital marketing initiatives and customer service efforts, enhancing local brand loyalty[161]. - FFO decreased by 8.0%, or $87,335, for the three months ended September 30, 2025, while it increased by 7.5%, or $214,297, for the nine months ended September 30, 2025[187]. - AFFO decreased by 6.0%, or $70,320, for the three months ended September 30, 2025, but increased by 8.4%, or $258,062, for the nine months ended September 30, 2025[188].

Core Insights - Merrell has launched a limited-edition footwear collaboration with LONELY GHOST, marking the first-ever partnership between the two brands [1] - The new product, Moab Speed 2 Vent 2K, is designed specifically for the next-generation female explorer [1] - The collaboration emphasizes the importance of outdoor activities and encourages consumers to embrace nature [1] Company Overview - Merrell is recognized as a global leader in hiking and outdoor footwear [1] - LONELY GHOST is described as a cult-favorite lifestyle brand, indicating a strong following and brand loyalty [1] Product Details - The Moab Speed 2 Vent 2K is a limited-edition capsule product [1] - The collaboration aims to celebrate the simple power of stepping outside, aligning with current trends in outdoor exploration and lifestyle [1]

Core Viewpoint - Global Self Storage, Inc. (SELF) reported a mixed performance in its second quarter of 2025, with revenue growth but underperformance compared to the S&P 500 Index [1][2]. Financial Performance - Total revenues for the second quarter of 2025 reached $3.2 million, a 2.7% increase from $3.1 million in the same period last year [2]. - Net income rose to $0.7 million, or $0.06 per diluted share, reflecting a 12.3% increase from $0.6 million, or $0.05 per diluted share, in the prior year [2]. - Funds from operations (FFO) increased by 18.9% year over year to $1.1 million, or $0.10 per diluted share, compared to $0.9 million, or $0.08 per diluted share, in the previous year [2]. - Adjusted FFO (AFFO) also rose 17.5% to $1.2 million, or $0.10 per diluted share, from $0.9 million, or $0.09 per diluted share, in the year-ago quarter [2]. Operational Metrics - Same-store revenues increased by 2.7% to $3.2 million, driven by higher occupancy rates [3]. - Same-store net operating income (NOI) improved by 3.9% to $1.99 million from $1.92 million [3]. - Same-store occupancy rose by 170 basis points year over year to 94.7% from 93% [3]. - The average tenant duration reached a record-high of 3.4 years compared to 3.3 years as of June 30, 2024 [3]. Cost Management - Operating expenses decreased by 4.4% year over year to $2.4 million, primarily due to a 12.8% reduction in general and administrative costs [4]. - Property operations expenses increased slightly by 0.7% to $1.18 million [4]. - Interest expense rose marginally by 1.4% to $214,392 [4]. Capital Resources - As of June 30, 2025, total capital resources amounted to $25.2 million, including $7.6 million in cash and cash equivalents, $2.6 million in marketable securities, and full availability under a $15 million revolving credit facility [5]. Management Insights - The CEO attributed growth to targeted marketing and brand recognition, leading to improved same-store revenues, occupancy, NOI, and FFO [6]. - High tenant satisfaction, with an average customer rating exceeding 4.9 out of 5 stars, was noted as a key driver for referrals and brand loyalty [6]. - The company maintains a strong balance sheet and focuses on markets with limited supply growth and lower competition [6]. Revenue Drivers - Revenue growth was primarily driven by higher occupancy rates and a proprietary revenue rate management program [7]. - Expense reductions in general and administrative categories contributed to a 30.4% increase in operating income [7]. - The company maintained pricing discipline while attracting long-term tenants through targeted marketing efforts [7]. Future Outlook - While no explicit forward-looking financial guidance was provided, management indicated that move-in rates were stabilizing and demand remained steady in operating markets [8]. - The strategic focus continues to be on acquisitions, joint ventures, and expansions in markets with favorable supply-demand dynamics [8]. Portfolio Overview - As of June 30, 2025, the portfolio consisted of 12 same-store properties and the management of one third-party-owned property, with no non-same-store assets reported [9].

[Report Overview & Highlights](index=1&type=section&id=Report%20Overview%20%26%20Highlights) [Q2 2025 Highlights](index=1&type=section&id=Q2%202025%20Highlights) Global Self Storage achieved strong growth in Q2 2025 with increased total and net income, significant growth in same-store revenue, NOI, and occupancy, reaching an industry-leading 94.7% same-store occupancy, while FFO and AFFO saw double-digit growth, maintaining a quarterly dividend of $0.0725 per share and possessing ample capital resources of approximately $25.2 million Q2 2025 Key Financial Metrics | Metric | Q2 2025 | Q2 2024 | Change (%) | | :-------------------------------- | :--------- | :--------- | :------- | | Total Revenue | $3.2 Million | - | 2.7% | | Net Income | $664,000 | $592,000 | 12.16% | | Diluted Net Income Per Share | $0.06 | $0.05 | 20.0% | | Same-Store Revenue | $3.2 Million | - | 2.7% | | Same-Store Operating Costs | $1.2 Million | - | 0.7% | | Same-Store Net Operating Income (NOI) | $2.0 Million | - | 4.0% | | FFO | $1.1 Million | $0.9 Million | 18.9% | | Diluted FFO Per Share | $0.10 | $0.08 | 25.0% | | AFFO | $1.2 Million | $1.0 Million | 17.5% | | Diluted AFFO Per Share | $0.10 | $0.09 | 11.11% | | Quarterly Dividend | $0.0725/share | $0.0725/share | 0.0% | | Capital Resources (as of June 30) | $25.2 Million | - | - | - Same-store occupancy reached **94.7%** as of June 30, 2025, an increase of **170 basis points** from 93.0% on June 30, 2024, representing an industry-leading level[4](index=4&type=chunk) - Same-store average tenant tenure reached a record **3.4 years** as of June 30, 2025, up from 3.3 years on June 30, 2024[4](index=4&type=chunk) [First Half 2025 Highlights](index=1&type=section&id=First%20Half%202025%20Highlights) In the first half of 2025, Global Self Storage saw growth in total and net income, strong same-store revenue and NOI performance, significant FFO and AFFO increases, and maintained a semi-annual dividend of $0.145 per share First Half 2025 Key Financial Metrics | Metric | H1 2025 | H1 2024 | Change (%) | | :-------------------------------- | :------------- | :------------- | :------- | | Total Revenue | $6.3 Million | - | 2.9% | | Net Income | $1.2 Million | $858,000 | 39.86% | | Diluted Net Income Per Share | $0.11 | $0.08 | 37.5% | | Same-Store Revenue | $6.3 Million | - | 2.9% | | Same-Store Operating Costs | $2.4 Million | - | -0.6% | | Same-Store Net Operating Income (NOI) | $3.9 Million | - | 5.1% | | FFO | $2.1 Million | - | 17.1% | | Diluted FFO Per Share | $0.18 | - | - | | AFFO | $2.2 Million | - | 17.1% | | Diluted AFFO Per Share | $0.20 | - | - | | Semi-Annual Dividend | $0.145/share | - | - | [Company Profile & Strategy](index=3&type=section&id=Company%20Profile%20%26%20Strategy) [Company Objective](index=3&type=section&id=Company%20Objective) Global Self Storage aims to increase long-term shareholder value by executing its strategic business plan, including acquisitions and property expansions, with the board regularly reviewing capital formation, debt-to-equity ratios, dividend policy, FFO, AFFO, and cash levels - The company aims to increase long-term shareholder value through acquisitions and expansion projects[6](index=6&type=chunk) - The strategic business plan encompasses capital formation, debt-to-equity ratios, dividend policy, capital and debt utilization, FFO and AFFO performance, and optimal cash levels[6](index=6&type=chunk) - Management believes the company's sustained operating performance and capital resources position it well to execute its strategic business plan[7](index=7&type=chunk) [About Global Self Storage](index=7&type=section&id=About%20Global%20Self%20Storage) Global Self Storage is a self-managed and self-operated REIT focused on owning, operating, managing, acquiring, and redeveloping self-storage properties, with 13 properties across eight US states providing affordable, accessible, and secure storage - Global Self Storage is a self-managed and self-operated REIT focused on owning, operating, managing, acquiring, and redeveloping self-storage properties[35](index=35&type=chunk) - The company owns and/or manages **13 self-storage properties** across **eight US states** through its wholly-owned subsidiaries, offering affordable, accessible, and secure storage space[35](index=35&type=chunk) [Management Insights](index=3&type=section&id=Management%20Insights) [CEO Commentary](index=3&type=section&id=CEO%20Commentary) CEO Mark C. Winmill highlighted that exceptional Q2 operational performance drove industry-leading growth in same-store revenue, occupancy, NOI, and FFO, attributed to targeted marketing and enhanced brand recognition, achieving high conversion rates and record tenant tenure through customer satisfaction and service excellence, with a robust balance sheet supporting growth strategies in differentiated geographic markets - Q2 operational excellence drove industry-leading growth in same-store revenue, occupancy, NOI, and FFO, attributed to targeted marketing initiatives and enhanced brand recognition[8](index=8&type=chunk)[10](index=10&type=chunk) - The company achieved high customer inquiry conversion rates and a record **3.4-year average tenant tenure** through high customer satisfaction (average rating over **4.9/5 stars**) and exceptional service[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) - The company possesses strong capital resources of approximately **$25.2 million**, supporting its strategic business plan for growth through acquisitions, joint ventures, and expansion in US and non-US markets with limited supply growth and less competition[14](index=14&type=chunk) - Markets where the company operates exhibit stable demand and limited new supply pressure, with a differentiated geographic strategy, disciplined acquisition approach, and commitment to superior customer experience continuing to create shareholder value[15](index=15&type=chunk) [Financial Performance Analysis](index=4&type=section&id=Financial%20Performance%20Analysis) [Q2 2025 Financial Summary](index=4&type=section&id=Q2%202025%20Financial%20Summary) In Q2 2025, total revenue grew 2.7% to $3.2 million, driven by increased occupancy and revenue rate management, while total operating expenses decreased 4.4% due to reduced general and administrative costs, leading to a 30.4% increase in operating income to $829,000 and net income rising to $664,000 or $0.06 per share, with capital resources totaling approximately $25.2 million as of June 30 Q2 2025 Financial Summary | Metric | Q2 2025 | Q2 2024 | Change (%) | | :-------------------- | :--------- | :--------- | :------- | | Total Revenue | $3.2 Million | $3.1 Million | 2.7% | | Total Operating Expenses | $2.4 Million | $2.5 Million | -4.4% | | Operating Income | $829,000 | $636,000 | 30.4% | | Net Income | $664,000 | $592,000 | 12.16% | | Diluted Net Income Per Share | $0.06 | $0.05 | 20.0% | | Capital Resources (as of June 30) | $25.2 Million | - | - | [Q2 2025 Same-Store Results](index=4&type=section&id=Q2%202025%20Same-Store%20Results) As of June 30, 2025, the company had 12 same-store properties, with Q2 same-store revenue growing 2.7% to $3.2 million, same-store operating costs slightly increasing 0.7% to $1.18 million, and same-store Net Operating Income (NOI) rising 4.0% to $2.0 million, primarily due to revenue growth, while same-store occupancy improved by 170 basis points to 94.7% and average tenant tenure increased to 3.4 years Q2 2025 Same-Store Key Metrics | Metric | Q2 2025 | Q2 2024 | Change (%) | | :----------------------------------- | :--------- | :--------- | :------- | | Same-Store Revenue | $3.2 Million | - | 2.7% | | Same-Store Operating Costs | $1.18 Million | $1.17 Million | 0.7% | | Same-Store Net Operating Income (NOI) | $2.0 Million | $1.9 Million | 4.0% | | Same-Store Occupancy (as of June 30) | 94.7% | 93.0% | +170 bps | | Same-Store Average Tenant Tenure (as of June 30) | 3.4 Years | 3.3 Years | +0.1 Years | | Number of Same-Store Properties (as of June 30) | 12 | - | - | [Q2 2025 Operating Results](index=5&type=section&id=Q2%202025%20Operating%20Results) Net income for Q2 2025 was $664,000, or $0.06 per diluted share, with property operating expenses slightly increasing to $1.18 million, general and administrative expenses decreasing to $779,000, and business development costs at zero, while interest expense rose to $214,000 primarily due to unused revolving credit facility fees, and FFO grew 18.9% to $1.1 million ($0.10 per diluted share) and AFFO increased 17.5% to $1.2 million ($0.10 per diluted share) Q2 2025 Operating Results | Metric | Q2 2025 | Q2 2024 | Change (%) | | :-------------------- | :--------- | :--------- | :------- | | Net Income | $664,000 | $592,000 | 12.16% | | Diluted Net Income Per Share | $0.06 | $0.05 | 20.0% | | Property Operating Expenses | $1.18 Million | $1.17 Million | 0.85% | | General and Administrative Expenses | $779,000 | $893,000 | -12.77% | | Business Development Costs | $0 | $0 | 0.0% | | Interest Expense | $214,000 | $211,000 | 1.42% | | FFO | $1.1 Million | $0.9 Million | 18.9% | | Diluted FFO Per Share | $0.10 | $0.08 | 25.0% | | AFFO | $1.2 Million | $1.0 Million | 17.5% | | Diluted AFFO Per Share | $0.10 | $0.09 | 11.11% | [First Half 2025 Financial Summary](index=5&type=section&id=First%20Half%202025%20Financial%20Summary) In the first half of 2025, total revenue increased 2.9% to $6.3 million, driven by higher occupancy and existing tenant rate management, while total operating expenses decreased 3.0% to $4.8 million due to reduced store-level and general and administrative costs, resulting in a 26.5% increase in operating income to $1.6 million and net income rising to $1.2 million or $0.11 per diluted share First Half 2025 Financial Summary | Metric | H1 2025 | H1 2024 | Change (%) | | :-------------------- | :------------- | :------------- | :------- | | Total Revenue | $6.3 Million | $6.1 Million | 2.9% | | Total Operating Expenses | $4.8 Million | $4.9 Million | -3.0% | | Operating Income | $1.6 Million | $1.2 Million | 26.5% | | Net Income | $1.2 Million | $0.9 Million | 33.33% | | Diluted Net Income Per Share | $0.11 | $0.08 | 37.5% | [First Half 2025 Same-Store Results](index=5&type=section&id=First%20Half%202025%20Same-Store%20Results) In the first half of 2025, same-store revenue grew 2.9% to $6.3 million, primarily due to increased occupancy and existing tenant rate management, while same-store operating costs decreased 0.6% to $2.39 million, mainly due to reduced employment costs and real estate taxes, leading to a 5.1% increase in same-store Net Operating Income (NOI) to $3.9 million, driven by revenue growth First Half 2025 Same-Store Key Metrics | Metric | H1 2025 | H1 2024 | Change (%) | | :----------------------------------- | :------------- | :------------- | :------- | | Same-Store Revenue | $6.3 Million | $6.1 Million | 2.9% | | Same-Store Operating Costs | $2.39 Million | $2.40 Million | -0.6% | | Same-Store Net Operating Income (NOI) | $3.9 Million | $3.7 Million | 5.1% | [First Half 2025 Operating Results](index=6&type=section&id=First%20Half%202025%20Operating%20Results) Net income for the first half of 2025 was $1.2 million, or $0.11 per diluted share, with property operating expenses decreasing to $2.39 million, general and administrative expenses decreasing to $1.6 million, and business development costs falling to zero, while interest expense rose to $438,000 primarily due to unused revolving credit facility fees, and FFO grew 17.1% to $2.1 million ($0.18 per diluted share) and AFFO increased 17.1% to $2.2 million ($0.20 per diluted share) First Half 2025 Operating Results | Metric | H1 2025 | H1 2024 | Change (%) | | :-------------------- | :------------- | :------------- | :------- | | Net Income | $1.2 Million | $0.9 Million | 33.33% | | Diluted Net Income Per Share | $0.11 | $0.08 | 37.5% | | Property Operating Expenses | $2.39 Million | $2.40 Million | -0.42% | | General and Administrative Expenses | $1.6 Million | $1.7 Million | -5.88% | | Business Development Costs | $0 | $2,275 | -100.0% | | Interest Expense | $438,000 | $416,000 | 5.29% | | FFO | $2.1 Million | $1.8 Million | 17.1% | | Diluted FFO Per Share | $0.18 | $0.16 | 12.5% | | AFFO | $2.2 Million | $1.9 Million | 17.1% | | Diluted AFFO Per Share | $0.20 | $0.17 | 17.65% | [FFO and AFFO Performance](index=7&type=section&id=FFO%20and%20AFFO%20Performance) In Q2 2025, FFO attributable to common shareholders was $1.1 million ($0.10 per diluted share) and AFFO was $1.17 million ($0.10 per diluted share), while for the first half of 2025, FFO was $2.07 million ($0.18 per diluted share) and AFFO was $2.24 million ($0.20 per diluted share) FFO and AFFO Performance (Unaudited) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :----------------------------------- | :--------- | :--------- | :------------- | :------------- | | Net Income | $664,216 | $591,530 | $1,219,368 | $857,680 | | FFO Attributable to Common Shareholders | $1,095,380 | $921,136 | $2,070,723 | $1,769,092 | | AFFO Attributable to Common Shareholders | $1,167,598 | $994,061 | $2,243,677 | $1,915,296 | | Diluted FFO Per Share | $0.10 | $0.08 | $0.18 | $0.16 | | Diluted AFFO Per Share | $0.10 | $0.09 | $0.20 | $0.17 | | Diluted Weighted Average Shares Outstanding | 11,250,678 | 11,134,894 | 11,212,867 | 11,121,296 | [Consolidated Financial Statements](index=10&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Balance Sheets](index=10&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets were $64.996 million, slightly down from $65.515 million on December 31, 2024, with a decrease in net real estate assets but an increase in cash and restricted cash, while total liabilities were $17.807 million and total stockholders' equity was $47.189 million Consolidated Balance Sheets (Unaudited) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------- | :--------------- | | **Assets** | | | | Real Estate Assets, Net | $53,217,941 | $53,925,409 | | Cash and Cash Equivalents | $7,511,571 | $7,180,857 | | Restricted Cash | $67,773 | $29,204 | | Investment Securities | $2,572,195 | $2,608,987 | | Total Assets | $64,996,100 | $65,515,024 | | **Liabilities and Equity** | | | | Notes Payable, Net | $16,074,555 | $16,356,582 | | Accounts Payable and Accrued Expenses | $1,732,281 | $1,720,765 | | Total Liabilities | $17,806,836 | $18,077,347 | | Common Stock | $113,382 | $112,927 | | Additional Paid-in Capital | $49,732,485 | $49,559,986 | | Accumulated Deficit | ($2,656,603) | ($2,235,236) | | Total Stockholders' Equity | $47,189,264 | $47,437,677 | | Total Liabilities and Stockholders' Equity | $64,996,100 | $65,515,024 | [Consolidated Statements of Operations and Comprehensive Income](index=11&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) In Q2 2025, total revenue was $3.194 million, operating income was $829,000, and net income was $664,000, while for the first half of 2025, total revenue was $6.321 million, operating income was $1.553 million, and net income was $1.219 million, showing improvements across various income and operating metrics compared to the prior year Consolidated Statements of Operations and Comprehensive Income (Unaudited) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :----------------------------------- | :--------- | :--------- | :------------- | :------------- | | Rental Income | $3,062,588 | $2,983,039 | $6,062,640 | $5,896,500 | | Other Property Related Income | $113,008 | $108,489 | $220,878 | $212,339 | | Management Fees and Other Income | $18,782 | $17,510 | $37,164 | $34,239 | | **Total Revenue** | **$3,194,378** | **$3,109,038** | **$6,320,682** | **$6,143,078** | | Property Operating Expenses | $1,179,041 | $1,171,169 | $2,387,940 | $2,402,285 | | General and Administrative Expenses | $778,695 | $892,822 | $1,565,587 | $1,695,550 | | Depreciation and Amortization | $407,717 | $409,136 | $814,563 | $816,064 | | Business Development | $0 | $0 | $0 | $2,275 | | **Total Expenses** | **$2,365,453** | **$2,473,127** | **$4,768,090** | **$4,916,174** | | **Operating Income** | **$828,925** | **$635,911** | **$1,552,592** | **$1,226,904** | | Dividend and Interest Income | $73,130 | $87,450 | $141,729 | $142,327 | | Unrealized (Loss) Gain on Marketable Equity Securities | ($23,447) | $79,530 | ($36,792) | ($95,348) | | Interest Expense | ($214,392) | ($211,361) | ($438,161) | ($416,203) | | **Net Income and Comprehensive Income** | **$664,216** | **$591,530** | **$1,219,368** | **$857,680** | | Diluted Earnings Per Share | $0.06 | $0.05 | $0.11 | $0.08 | [Reconciliation of GAAP Net Income to Same-Store Net Operating Income](index=12&type=section&id=Reconciliation%20of%20GAAP%20Net%20Income%20to%20Same-Store%20Net%20Operating%20Income) This reconciliation adjusts GAAP net income to same-store Net Operating Income (NOI) by adding back management fees, general and administrative expenses, depreciation and amortization, business development costs, and interest expense, while subtracting dividend and interest income and adjusting for unrealized gains/losses on marketable equity securities, resulting in same-store NOI of $1.997 million for Q2 2025 and $3.896 million for the first half Reconciliation of GAAP Net Income to Same-Store Net Operating Income (Unaudited) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :----------------------------------- | :--------- | :--------- | :------------- | :------------- | | Net Income | $664,216 | $591,530 | $1,219,368 | $857,680 | | **Adjustments:** | | | | | | Management Fees and Other Income | ($18,782) | ($17,510) | ($37,164) | ($34,239) | | General and Administrative Expenses | $778,695 | $892,822 | $1,565,587 | $1,695,550 | | Depreciation and Amortization | $407,717 | $409,136 | $814,563 | $816,064 | | Business Development | $0 | $0 | $0 | $2,275 | | Dividend and Interest | ($73,130) | ($87,450) | ($141,729) | ($142,327) | | Unrealized Loss (Gain) on Marketable Equity Securities | $23,447 | ($79,530) | $36,792 | $95,348 | | Interest Expense | $214,392 | $211,361 | $438,161 | $416,203 | | **Total Same-Store Net Operating Income** | **$1,996,555** | **$1,920,359** | **$3,895,578** | **$3,706,554** | | Same-Store Revenue | $3,175,596 | $3,091,528 | $6,283,518 | $6,108,839 | | Same-Store Operating Costs | $1,179,041 | $1,171,169 | $2,387,940 | $2,402,285 | | **Total Same-Store Net Operating Income** | **$1,996,555** | **$1,920,359** | **$3,895,578** | **$3,706,554** | [Non-GAAP Financial Measures](index=7&type=section&id=Non-GAAP%20Financial%20Measures) [Funds from Operations (FFO)](index=7&type=section&id=Funds%20from%20Operations%20(FFO)) FFO, a non-GAAP metric defined by NAREIT, is considered useful by REITs and analysts for measuring REIT performance, calculated by adding back real estate depreciation and amortization to net income and excluding gains/losses from property sales and unrealized gains/losses on marketable equity securities, but it is not a substitute for net income, EPS, liquidity, or dividend-paying ability, and may vary among REITs - FFO, a non-GAAP metric defined by NAREIT, is calculated by adding back real estate depreciation and amortization to net income and excluding gains/losses from property sales and unrealized gains/losses on marketable equity securities[37](index=37&type=chunk) - FFO is considered a useful metric by REITs and analysts for measuring REIT performance, but it is not a substitute for net income, EPS, liquidity, or the ability to pay dividends[37](index=37&type=chunk) [Adjusted FFO (AFFO)](index=8&type=section&id=Adjusted%20FFO%20(AFFO)) AFFO is a non-GAAP adjustment to FFO that excludes equity-based compensation, business development, financing and acquisition-related costs, and non-recurring items, which are considered not representative of the company's ongoing operating results, and it is not a substitute for net income, EPS, liquidity, or dividend-paying ability, and may vary among REITs - AFFO is a non-GAAP adjustment to FFO, excluding equity-based compensation, business development, financing and acquisition-related costs, and non-recurring items[39](index=39&type=chunk) - The company believes AFFO aids in understanding operating results by excluding items not representative of ongoing operations, and it is considered by the analyst community in evaluating the company[39](index=39&type=chunk) [Net Operating Income (NOI)](index=8&type=section&id=Net%20Operating%20Income%20(NOI)) NOI is a key metric for operating performance, defined as net store-level income before general and administrative expenses, interest, taxes, depreciation, and amortization, used by the company for capital allocation, store valuation, performance assessment, and period/market comparisons, but it is not a substitute for net income, net cash flow from operations, or other GAAP financial measures - NOI is defined as net store-level income before general and administrative expenses, interest, taxes, depreciation, and amortization[40](index=40&type=chunk) - The company uses NOI for capital allocation, store valuation, performance assessment, and period and market comparisons, and the investment community also uses it to evaluate operating performance and real estate value[40](index=40&type=chunk) [Same-Store Self Storage Operations Definition](index=8&type=section&id=Same-Store%20Self%20Storage%20Operations%20Definition) The same-store portfolio includes properties consistently owned and operated throughout the reporting period, considered stabilized with market-representative occupancy for at least one year and free from significant damage or redevelopment, with same-store results aiding investors in evaluating store-level operational performance by excluding the impact of acquisitions, dispositions, or new developments, but not serving as an indicator of future performance - The same-store portfolio includes properties consistently owned and operated throughout the reporting period, considered stabilized with market-representative occupancy for at least one year and free from significant damage or redevelopment[42](index=42&type=chunk) - Same-store results help investors evaluate store-level operational performance by excluding the impact of acquisitions, dispositions, or new developments, but they are not indicative of future same-store or overall company performance[42](index=42&type=chunk) [Legal & Contact Information](index=7&type=section&id=Legal%20%26%20Contact%20Information) [Additional Information](index=7&type=section&id=Additional%20Information) Further details on the company's Q2 2025 performance, including financial statements and related notes, are available in its Form 10-Q filing with the SEC and on the company's investor relations website - Detailed information on the company's Q2 2025 performance is available in its Form 10-Q filing and on the company's investor relations website[34](index=34&type=chunk) [Cautionary Note Regarding Forward Looking Statements](index=8&type=section&id=Cautionary%20Note%20Regarding%20Forward%20Looking%20Statements) This press release contains forward-looking statements as defined by federal securities laws, concerning company plans, objectives, future events, and performance, which are not historical facts and involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from expectations, with no obligation to publicly update or revise such statements, and dividend amounts, nature, and frequency are subject to change - This press release contains forward-looking statements, including non-historical information regarding company plans, objectives, future events, and performance[44](index=44&type=chunk) - Forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from expectations[44](index=44&type=chunk) - The company undertakes no obligation to publicly update or revise forward-looking statements, and dividend amounts, nature, and frequency are subject to change at any time[44](index=44&type=chunk) [Company Contact](index=9&type=section&id=Company%20Contact) Contact information is provided for Global Self Storage CFO Thomas O'Malley and Investor Relations contact Ron Both, including phone numbers and email - Company contacts include CFO Thomas O'Malley at (212) 785-0900, ext. 267, and Investor Relations contact Ron Both (Encore Investor Relations) at (949) 432-7557[45](index=45&type=chunk)

[Statement on Forward-Looking Information](index=3&type=section&id=STATEMENT%20ON%20FORWARD-LOOKING%20INFORMATION) This statement outlines forward-looking information, subject to risks and uncertainties that may cause actual results to differ materially - This report contains forward-looking statements regarding the company's plans, strategies, and future performance. These statements are based on current expectations and are subject to various risks and uncertainties that could cause actual results to differ materially[9](index=9&type=chunk) - Key risks and uncertainties identified include those associated with real estate ownership (demand changes, environmental liability), economic downturns, competition, acquisition integration, redevelopment projects, litigation, regulatory changes, maintaining REIT status, financing, and general market volatility[11](index=11&type=chunk)[12](index=12&type=chunk) [PART I – FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited).) This section presents the unaudited consolidated financial statements, including balance sheets, statements of operations, stockholders' equity, and cash flows, with detailed accounting policy notes [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Summary (as of June 30, 2025) | Metric | June 30, 2025 ($) | December 31, 2024 ($) | | :--- | :--- | :--- | | **Total Assets** | **$64,996,100** | **$65,515,024** | | Real estate assets, net | $53,217,941 | $53,925,409 | | Cash and cash equivalents | $7,511,571 | $7,180,857 | | **Total Liabilities** | **$17,806,836** | **$18,077,347** | | Note payable, net | $16,074,555 | $16,356,582 | | **Total Stockholders' Equity** | **$47,189,264** | **$47,437,677** | [Consolidated Statements of Operations and Comprehensive Income](index=7&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) Statement of Operations Summary | Metric | Three Months Ended June 30, 2025 ($) | Three Months Ended June 30, 2024 ($) | Six Months Ended June 30, 2025 ($) | Six Months Ended June 30, 2024 ($) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$3,194,378** | **$3,109,038** | **$6,320,682** | **$6,143,078** | | Operating Income | $828,925 | $635,911 | $1,552,592 | $1,226,904 | | **Net Income** | **$664,216** | **$591,530** | **$1,219,368** | **$857,680** | | **Diluted EPS** | **$0.06** | **$0.05** | **$0.11** | **$0.08** | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary (Six Months Ended June 30) | Metric | 2025 ($) | 2024 ($) | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,411,472 | $2,044,481 | | Net cash used in investing activities | ($107,095) | ($62,440) | | Net cash used in financing activities | ($1,935,094) | ($1,908,744) | | **Net increase in cash** | **$369,283** | **$73,297** | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes detail the company's organization as a self-storage REIT, accounting policies, real estate assets, debt instruments, and related party transactions, including its term loan and undrawn revolving credit facility - The company is a self-administered Maryland REIT that owns, operates, and manages thirteen self-storage properties in eight states as of June 30, 2025[28](index=28&type=chunk) - The company has a **$20 million term loan** with a fixed interest rate of **4.192%** per annum, maturing on July 1, 2036. As of June 30, 2025, the outstanding principal balance was approximately **$16.4 million**[68](index=68&type=chunk)[73](index=73&type=chunk) - A revolving line of credit allows borrowing up to **$15 million**, maturing on July 6, 2027. There was no outstanding balance as of June 30, 2025[74](index=74&type=chunk)[77](index=77&type=chunk) - For the three and six months ended June 30, 2025, the company declared and paid dividends of **$0.0725** and **$0.1450 per share**, respectively, consistent with the prior year[83](index=83&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses financial performance, noting increased revenues, operating income, and Net Operating Income (NOI) for Q2 2025, alongside growth in non-GAAP measures like FFO and AFFO [Financial Condition and Liquidity](index=28&type=section&id=Financial%20Condition%20and%20Liquidity) The company's financing strategy aims to maximize stockholder returns, with **$25.2 million** in capital resources as of June 30, 2025, for acquisitions and growth - The company has total capital resources of approximately **$25.2 million**, consisting of **$7.6 million** in cash, **$2.6 million** in marketable securities, and **$15 million** available under its credit facility[120](index=120&type=chunk) - On July 6, 2024, the company amended its revolving credit facility, which provides for borrowing up to **$15 million** and matures in July 2027. As of June 30, 2025, no proceeds were withdrawn[115](index=115&type=chunk) - The company manages one third-party owned property in Edmond, Oklahoma, under its Global MaxManagement platform, which serves as a source for potential future acquisitions[118](index=118&type=chunk) [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Q2 2025 saw total revenues increase by **2.7%** to **$3.2 million**, operating income rise by **30.4%** to **$829k**, and net income grow to **$664k** Q2 2025 vs Q2 2024 Performance | Metric | Q2 2025 ($) | Q2 2024 ($) | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $3,194,378 | $3,109,038 | 2.7% | | Total Operating Expenses | $2,365,453 | $2,473,127 | -4.4% | | Operating Income | $828,925 | $635,911 | 30.4% | | Net Income | $664,216 | $591,530 | 12.3% | Six Months 2025 vs 2024 Performance | Metric | H1 2025 ($) | H1 2024 ($) | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $6,320,682 | $6,143,078 | 2.9% | | Total Operating Expenses | $4,768,090 | $4,916,174 | -3.0% | | Operating Income | $1,552,592 | $1,226,904 | 26.5% | | Net Income | $1,219,368 | $857,680 | 42.2% | [Non-GAAP Financial Measures](index=38&type=section&id=Non-GAAP%20Financial%20Measures) The company utilizes non-GAAP measures, with Q2 2025 FFO increasing **18.9%** to **$1.1 million** and AFFO rising **17.5%** to **$1.17 million** FFO and AFFO Reconciliation (Three Months Ended June 30) | Metric | 2025 ($) | 2024 ($) | % Change | | :--- | :--- | :--- | :--- | | Net Income | $664,216 | $591,530 | 12.3% | | FFO | $1,095,380 | $921,136 | 18.9% | | AFFO | $1,167,598 | $994,061 | 17.5% | | Diluted FFO per share | $0.10 | $0.08 | 25.0% | | Diluted AFFO per share | $0.10 | $0.09 | 11.1% | [Same-Store Self Storage Operations](index=40&type=section&id=Same-Store%20Self%20Storage%20Operations) The twelve-property same-store portfolio showed strong performance, with Q2 2025 revenues up **2.7%**, costs up **0.7%**, and NOI increasing **4.0%** - Same-store occupancy increased by **1.7 percentage points** to **94.7%** at June 30, 2025, from **93.0%** at June 30, 2024[156](index=156&type=chunk) Same-Store Performance vs. Prior Year | Metric | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | | :--- | :--- | :--- | | Revenue Change | +2.7% | +2.9% | | Cost of Operations Change | +0.7% | -0.6% | | **NOI Change** | **+4.0%** | **+5.1%** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) As a smaller reporting company, the company is exempt from providing market risk disclosures - As a smaller reporting company, Global Self Storage, Inc. is exempt from providing quantitative and qualitative disclosures about market risk[196](index=196&type=chunk) [Item 4. Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management confirmed the effectiveness of disclosure controls and procedures, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[200](index=200&type=chunk) - No changes occurred during the most recent quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[201](index=201&type=chunk) [PART II – OTHER INFORMATION](index=51&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings.) The company reports no material pending legal proceedings as of the reporting date - As of the reporting date, the company is not a party to any material pending legal proceedings[204](index=204&type=chunk) [Item 1A. Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors.) No material changes to risk factors have occurred since the 2024 Annual Report on Form 10-K - The company refers to the risk factors disclosed in its 2024 Form 10-K, stating there are no material changes[205](index=205&type=chunk) [Other Items (Items 2, 3, 4, 5, 6)](index=51&type=section&id=Other%20Items) This section confirms no unregistered equity sales, senior security defaults, mine safety disclosures, or Rule 10b5-1 trading arrangement modifications by directors or officers - Items 2 (Unregistered Sales of Equity Securities), 3 (Defaults Upon Senior Securities), and 4 (Mine Safety Disclosures) are not applicable[206](index=206&type=chunk) - No directors or officers adopted, terminated, or modified a Rule 10b5-1 trading arrangement during the three months ended June 30, 2025[207](index=207&type=chunk)

Core Insights - Spectrum has launched new digital self-service features that allow TV and Internet customers to upgrade to ad-free streaming services and add apps a la carte to their Internet-only plans [1][2][5] Group 1: New Features and Offerings - The new features are part of Spectrum's Seamless Entertainment experience, which integrates live TV with popular streaming services at no extra cost [2][5] - TV customers can upgrade to ad-free streaming by paying the price difference between ad-supported and ad-free versions, which ranges from $3 to $10 per month [3][6] - Internet-only customers can now add streaming apps to their Spectrum account on an a la carte basis for the first time [2][6] Group 2: Streaming Services Included - The ad-supported streaming apps included with Spectrum TV Select plans are AMC+ with Ads, Disney+ Basic, HBO Max Basic With Ads, Paramount+ Essential, ViX Premium With Ads, and Peacock Premium with Ads, with a retail value exceeding $100 per month [2][3] - Upcoming additions to the streaming options include Hulu (With Ads), ESPN's forthcoming streaming service, BET+ Essential, and discovery+ at no additional cost [3][5] Group 3: Customer Experience and Accessibility - Customers can manage their upgrades and streaming services through the My Spectrum App or Spectrum.net, which are designed for ease of use [6][5] - The My Spectrum App is noted as the highest-rated support app among national telecommunications providers in the U.S. [6] Group 4: Company Overview - Spectrum is a suite of advanced communications services offered by Charter Communications, Inc., serving over 57 million homes and businesses across 41 states [7] - The company provides a full range of residential and business services, including Spectrum Internet®, TV, Mobile, and Voice [7]

[Q1 2025 Highlights](index=1&type=section&id=Q1%202025%20Highlights) Global Self Storage reported strong Q1 2025 growth with 3.0% revenue increase, doubled net income, and double-digit FFO/AFFO gains, supported by $24.9 million in capital resources | Metric | Q1 2025 | Change vs. Q1 2024 | | :--- | :--- | :--- | | Total Revenues | $3.1 million | +3.0% | | Net Income | $555,000 | +108.6% | | Diluted EPS | $0.05 | +150% | | Same-Store Revenues | $3.1 million | +3.0% | | Same-Store NOI | $1.9 million | +6.3% | | FFO (non-GAAP) | $975,000 | +15.0% | | AFFO (non-GAAP) | $1.1 million | +16.8% | | Same-Store Occupancy | 92.1% | +80 bps | - The company declared a quarterly dividend of **$0.0725 per share**, consistent with the prior year and quarter, representing an annualized rate of **$0.29 per share**[3](index=3&type=chunk) - Capital resources at quarter-end totaled approximately **$24.9 million**, consisting of **$7.3 million in cash**, **$2.6 million in marketable securities**, and a fully available **$15 million revolving credit facility**[4](index=4&type=chunk) [Management Commentary and Company Strategy](index=2&type=section&id=Management%20Commentary%20and%20Company%20Strategy) Management highlighted peer-leading same-store growth from operational excellence and marketing, aiming to increase stockholder value through acquisitions and expansions - The company's primary objective is to increase long-term stockholder value by executing its strategic business plan, which includes acquisitions and expansion projects[5](index=5&type=chunk) - Management attributes strong Q1 results, including peer-leading growth in same-store revenues and NOI, to exceptional operational performance, customer-focused management, and a proprietary revenue rate management program[7](index=7&type=chunk) - Innovative marketing strategies have attracted high-quality, long-term tenants, increasing the peer-leading same-store average tenant duration of stay to a record **3.5 years**[9](index=9&type=chunk) - A strong balance sheet with approximately **$24.9 million** in capital resources positions the company to execute its growth strategy through acquisitions, joint ventures, and expansion[12](index=12&type=chunk) [Q1 2025 Financial Performance](index=3&type=section&id=Q1%202025%20Financial%20Performance) Q1 2025 financial performance demonstrated robust revenue growth and cost management, leading to a 22.4% operating income increase and strong double-digit FFO/AFFO growth [Overall Financial Summary](index=3&type=section&id=Overall%20Financial%20Summary) Q1 2025 saw total revenues increase 3.0% to $3.1 million, operating expenses decrease 1.7%, and operating income rise 22.4% to $724,000, with net income more than doubling | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $3.1 million | $3.0 million | +3.0% | | Total Operating Expenses | $2.40 million | $2.44 million | -1.7% | | Operating Income | $724,000 | $591,000 | +22.4% | | Net Income | $555,000 | $266,000 | +108.6% | [Same-Store Results](index=3&type=section&id=Same-Store%20Results) Q1 2025 same-store properties showed strong performance with 3.0% revenue growth to $3.1 million, a 1.8% decrease in operating costs, and a 6.3% increase in NOI to $1.9 million | Same-Store Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenues | $3.1 million | $3.0 million | +3.0% | | Cost of Operations | $1.21 million | $1.23 million | -1.8% | | Net Operating Income (NOI) | $1.9 million | $1.8 million | +6.3% | | Occupancy (at March 31) | 92.1% | 91.3% | +80 bps | - The average duration of tenant stay for same-store properties increased to approximately **3.5 years** from **3.3 years** in the prior year[19](index=19&type=chunk) [Operating Results and Non-GAAP Measures (FFO & AFFO)](index=3&type=section&id=Operating%20Results%20and%20Non-GAAP%20Measures%20(FFO%20%26%20AFFO)) The company achieved significant growth in non-GAAP metrics, with FFO increasing 15.0% to $975,000 and AFFO rising 16.8% to $1.1 million, alongside reduced expenses | Metric (per diluted share) | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Net Income (EPS) | $0.05 | $0.02 | +150% | | FFO | $0.09 | $0.08 | +12.5% | | AFFO | $0.10 | $0.08 | +25.0% | FFO & AFFO Reconciliation Summary (in thousands) | | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Income | $555 | $266 | | (+) Depreciation & Amortization | $407 | $407 | | (+) Unrealized loss on securities | $13 | $175 | | **FFO** | **$975** | **$848** | | (+) Stock-based compensation | $101 | $71 | | **AFFO** | **$1,076** | **$921** | [Financial Statements](index=8&type=section&id=Financial%20Statements) This section presents the unaudited consolidated financial statements for Q1 2025, including Balance Sheets, Statements of Operations, and GAAP Net Income to Same-Store NOI reconciliation [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2025, the Consolidated Balance Sheet reported total assets of $65.1 million, total liabilities of $17.9 million, and total stockholders' equity of $47.3 million Consolidated Balance Sheet Summary (as of March 31, 2025) | Category | Amount | | :--- | :--- | | **Assets** | | | Real estate assets, net | $53,564,202 | | Cash and cash equivalents | $7,221,583 | | Total assets | **$65,139,599** | | **Liabilities & Equity** | | | Note payable, net | $16,216,391 | | Total liabilities | $17,864,760 | | Total stockholders' equity | $47,274,839 | | Total liabilities and stockholders' equity | **$65,139,599** | [Consolidated Statements of Operations](index=9&type=section&id=Consolidated%20Statements%20of%20Operations) For Q1 2025, the Consolidated Statement of Operations reported total revenues of $3.13 million, total expenses of $2.40 million, operating income of $723,667, and net income of $555,152 Consolidated Statement of Operations Summary (For the Three Months Ended March 31, 2025) | Category | Amount | | :--- | :--- | | Total revenues | $3,126,304 | | Total expenses | $2,402,637 | | **Operating income** | **$723,667** | | Total other expense, net | ($168,515) | | **Net income** | **$555,152** | | **Diluted EPS** | **$0.05** | [Reconciliation of GAAP Net Income to Same-Store NOI](index=10&type=section&id=Reconciliation%20of%20GAAP%20Net%20Income%20to%20Same-Store%20NOI) This table reconciles GAAP Net Income of $555,152 to Total Same-Store NOI, which increased 6.3% to $1,899,024 in Q1 2025 after various adjustments Same-Store NOI Reconciliation | | For the Three Months Ended March 31, | | :--- | :--- | :--- | | | **2025** | **2024** | | Net income | $555,152 | $266,150 | | Adjustments (G&A, D&A, Interest, etc.) | $1,343,872 | $1,520,045 | | **Total same-store net operating income** | **$1,899,024** | **$1,786,195** | [Definitions and Disclosures](index=5&type=section&id=Definitions%20and%20Disclosures) This section provides crucial context for financial results, defining non-GAAP measures like FFO, AFFO, and NOI, explaining same-store portfolio calculation, and including forward-looking statement disclaimers [Non-GAAP Financial Measures](index=5&type=section&id=Non-GAAP%20Financial%20Measures) This section defines key non-GAAP financial measures, including FFO, AFFO, and NOI, used to provide a clearer understanding of the company's operating performance and store-level evaluation - **FFO (Funds from Operations):** Defined by NAREIT as net income, excluding gains/losses from property sales and adding back real estate depreciation and amortization. The company also excludes unrealized gains/losses on marketable equity securities[26](index=26&type=chunk)[27](index=27&type=chunk) - **AFFO (Adjusted FFO):** Represents FFO excluding effects of stock-based compensation, business development, and other non-recurring items not indicative of ongoing operating results[28](index=28&type=chunk) - **NOI (Net Operating Income):** Defined as net store earnings before general and administrative expenses, interest, taxes, depreciation, and amortization. It is used to measure operating performance and make capital allocation decisions[29](index=29&type=chunk) [Same-Store Self Storage Operations Definition](index=6&type=section&id=Same-Store%20Self%20Storage%20Operations%20Definition) The same-store portfolio includes stabilized properties owned and operated for comparable periods, with a store considered stabilized after achieving market occupancy for a full year, enabling performance evaluation without acquisition effects - The same-store portfolio includes properties owned and operated on a stabilized basis throughout the entire applicable periods being compared[31](index=31&type=chunk) - A store is considered stabilized after achieving a representative market occupancy for a full year, allowing for performance evaluation without the effects of acquisitions or developments. As of Q1 2025, all **twelve** owned properties were classified as same-store[31](index=31&type=chunk)[32](index=32&type=chunk) [Forward-Looking Statements](index=7&type=section&id=Forward-Looking%20Statements) This section provides a standard cautionary note regarding forward-looking statements, highlighting inherent risks and uncertainties that may cause actual results to differ materially from projections - The report contains forward-looking statements about plans, objectives, and future performance which are subject to known and unknown risks and uncertainties. Actual results may differ materially from those expressed[33](index=33&type=chunk)